Charlottesville City FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Charlottesville city, Virginia based on real HMDA transaction records.

Loan Details

US County (Smart Autofill)

Loan Type

Charlottesville city, VA Benchmarks

FHA averages

Typical Property Value$395,000

Average Down Payment20.7%

Average Interest Rate6.063%

Effective Tax Rate0.82%

Median Tax Paid$3,915/yr

Tax Growth (Historical)+4.1%

Based on 18 regional loans totaling $5,310,000 (HMDA database).

Home Price

Down Payment

$81,765 down · $313,235 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$270 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

Not required at 20%+ down

Estimated Monthly Payment

$2,476/mo

Principal & Interest$1,923
Property Tax$270
Home Insurance$150
FHA MIP$133

Amortization · Remaining Balance

Financed Loan Amount

$318,717

Total Interest

$373,628

Total of Payments

$692,344

*Includes financed FHA Upfront MIP of $5,482

Local Market Insights

Charlottesville city FHA Mortgage Overview

For Charlottesville city homebuyers using an FHA loan, the 20.73% down payment on a $395,000 property significantly reduces monthly principal, but mandatory Mortgage Insurance Premiums (MIP) persist for the loan's life—a critical detail for those exploring an FHA loan with PMI and taxes. The 79.27% loan-to-value ratio indicates strong initial equity, yet FHA rules mean MIP remains regardless. The 0.82% effective tax rate, compounded by a 4.1% inflation-adjusted increase, adds roughly $135 monthly to true affordability. This data reflects 100% owner-occupied purchases, not investments, making this FHA mortgage analysis essential for first-time buyers in this market.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.